WHAT PRESIDENT?:

Outlines of Debt Compromise Emerge: An announcement could come as early as Sunday afternoon. (Major Garrett, July 31, 2011, National Journal)
In many respects, the deal will, if approved by all parties, resemble the contours of a short-lived pact negotiated last weekend by House Speaker John Boehner, R-Ohio, and Senate Majority Leader Harry Reid, D-Nev. Obama rejected that deal, forcing Congress to wrestle with other inferior legislative options throughout the week. [...]

$2.8 trillion in deficit reduction with $1 trillion locked in through discretionary spending caps over 10 years and the remainder determined by a so-called "Super Committee."

The Super Committee must report precise deficit-reduction proposals by Thanksgiving.

The Super Committee would have to propose $1.8 trillion in spending cuts to achieve that amount of deficit reduction over 10 years.

If the Super Committee fails, Congress must send a balanced-budget amendment to the states for ratification. If that doesn't happen, across-the-board spending cuts would go into effect and could touch Medicare and defense spending.

No net new tax revenue would be part of the special committee's deliberations.

Posted by oj at July 31, 2011 9:15 AM
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